Expert Opinion Webcast Reveals $400 Million Potential Savings for Medical Device Industry

Video News Series Highlights Translation and Content Management Savings 

Boston & San Francisco, February 14, 2012 

Crimson Life Sciences, a division of TransPerfect and the world’s only ISO 13485 and ISO 14971 certified translation provider, announced the latest installment of their Expert Opinion video news series. Crimson’s most recent program is based on research documenting the “Total Cost of Content” for medical device makers. According to U.S. manufacturers’ estimates, the total cost associated with creating, approving, updating, maintaining, translating, and formatting content in the key areas of Regulatory, Marketing, and Training amounts to approximately 1% of revenue, or $1 billion per year. Based on implementation of content and translation management strategies and technologies, Crimson estimates potential savings of up to 40% of this total ($400 million). The latest Expert Opinion segment is available for viewing here.

The Cost of Complexity 

Propelled by aging worldwide populations and developing economies, the U.S. medical device industry has witnessed remarkable growth and globalization over the past 15 years. However, one unwelcome side effect has been an increased volume of content necessary to make, register, train, and market devices worldwide. In fact, by some measures, content complexity has increased by 300-400% in the last decade. For most manufacturers, increased complexity means significantly higher costs to create, update, maintain, translate, and format device-related content across a variety of formats.  

According to Crimson President Marc H. Miller, “Many manufacturers have been living with this issue for some time. However, current economic conditions have pushed them to the realization that potential savings and increased profitability justifies the required effort.”  

The potential savings are significant. According to Crimson’s research, the “Total Cost of Content” for a typical large device maker is 1% of revenue. Industry-wide, this amounts to approximately $1 billion per year in content-related expenses. Of this total cost, Crimson estimates that up to 40% could be eliminated through a combination of content and translation management strategies and technologies. In other words, up to $400 million is potentially available to the U.S. device industry for bottom-line profitability improvement.  

Manufacturers Seek Expert Opinion 

Crimson’s Expert Opinion video series examines issues affecting the global medical device industry. Other programs in the series feature interviews with manufacturers such as Cook Medical, as well as reviews of cost-saving translation and content management technology. Crimson’s website also features news and information exclusively for device makers.  

About Crimson Life Sciences 

Crimson is a division of TransPerfect Translations International, Inc. and is the only translation practice devoted exclusively to high-risk medical devices and IVDs. Crimson is the world’s first translation firm certified to both ISO 13485 and ISO 9001 and the only translation firm certified to ISO 14971. TransPerfect, certified to ISO 9001 and EN 15038, is the world’s largest privately held language services provider with more than 70 offices worldwide. For more information, visit www.crimsonlanguage.com.  

 

 

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